This Is Auburn UNIT TITLE UNIT SUB-TITLE

Office of
Gift Planning

Maximize your philanthropic goals

  • Make a difference in people’s lives and always be remembered for your contribution
  • Benefit yourself, your family and Auburn University with your planned gift
  • Help us fulfill our mission for many years and generations to come

Gift Planning

Text Resize

Retained Life Estate

Print This
Email This
Calculate Plan
eBrochure
Contact Us
View Video
Mobile Video Button

You may desire to leave your home or farm to Auburn University Foundation at your death but would also like to receive a current charitable income tax deduction. A retained life estate might offer the solution you need!

retained life estate
Home
Life Estate
Life Use
Auburn
Charity image

How a life estate works

  1. You deed your home or farm to Auburn University Foundation. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
  2. You and Auburn University Foundation sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
  3. When the owners of the life estate have passed away, your home or farm will belong to Auburn University Foundation. We will use or sell the property to further our charitable work.

Benefits of a retained life estate

  • Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
  • Receive a federal income tax deduction for the value of the remainder interest in your home or farm
  • Preserve your lifetime use and control of your home or farm

Life Estates Work for Spouses Too - The life estate can last for your life or based on your life and that of another person, such as a spouse or loved one.

Mortgage Debt - It is possible for you to make a gift of your property even though there is a mortgage upon the residence.

Maintenance Issues - You will be responsible for the maintenance, insurance and taxes on the property, just as you were prior to creating the life estate.

Life Estates Are Flexible - If, at some point in the future, you are no longer able to live independently in your home, we may be able to help you use your life estate to create a lump sum cash payment (with a joint sale) or create an income stream (using the life estate to fund a charitable remainder trust or charitable gift annuity).


Planned Gifts Calculator

Please select a presentation that shows the income and tax benefits for you. You may view a unitrust, annuity trust, gift annuity, deferred gift annuity, sale and unitrust or gift and sale. We hope you enjoy these presentations!  View Presentations

Print This
Email This
Calculate Plan
eBrochure
Contact Us
View Video
scriptsknown

Contact us

Contact the Office of Gift Planning for additional information or to discuss further the different options for including Auburn in your estate plans.

It is always advisable to seek the advice of a financial or legal advisor. Please refer your advisor to our Advisors section for more information.

When including Auburn in your estate or charitable plans, please use our legal name and mailing address:
Auburn University Foundation
317 South College Street, Auburn, AL 36849
Federal Tax ID number: 63-6022422

Back To Top